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Calls for tax reform after discussion paper released

By Kevin Kelly

After the Australian Treasury released a discussion paper outlining some of the problems facing the nation's economy late last month, a number of real estate industry bodies have stepped forward and called for reforms to the taxation system in place on the property market. 

One of the main culprits is stamp duty, which Housing Industry Association managing director Shane Goodwin said was an "inefficient tax" and that an alternative could be more beneficial for productivity and economic growth nationwide. 

"Housing will form an integral part of any successful future taxation reform. Independent research demonstrates that new housing is one of the most heavily taxed sectors of the Australian economy," said Mr Goodwin in a 30 March statement. 

This isn't the first time calls for change have been heard about stamp duty, and the prospect of potential reforms could be exciting for anyone interested in buying or selling real estate in Bunbury in the near future. 

Other organisations that have provided similar opinions about the report include the Real Estate Institute of Australia, the Urban Development Institute of Australia, and Master Builders Australia, which called for reform to ensure the long term viability of property construction for the country's growth. 

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